Given an equivalent audience, which of these sites do you think would generate the most revenue? You could develop a simple spreadsheet model based on the following figures:

• Monthly site visitors: 100,000; 0.5% of these visitors click through to affiliate sites where 2% go on to buy business reports or services at an average order value of 100 CPM.

• Monthly page views: 1,000,000; average of three ads displayed for different advertisers at 20 CPM (we are assuming all ad inventory is sold, which is rarely true in reality).

• Subscribers to weekly newsletter: 50,000; each newsletter broadcast four times per month has four advertisers each paying at a rate of 10 CPM.